The firm, through its Private Equity Fund and Global Opportunistic Fund I vehicles, launched Al Rayan in 2007, and through acquisitions and organic growth created a network of six schools with over 10,500 registered students, making it the largest educational group in Kuwait.
In late 2009, the company went through a restructuring program of its operations, and between 2009 and 2011 revenues, EBITDA, and operating profits grew at a compounded annual growth rate of 12 per cent, 26 per cent and 73 per cent respectively.
Nasser Al Khaled, Global-appointed chairman of Al Rayan, said, ““Given the challenging capital market conditions, especially at the Kuwait Stock Exchange, a public listing would not have yielded an attractive exit as a trade sale to a respected and education-focused strategic buyer.
“It was also very important for the fund management team to choose a buyer who shares the same values and is fully capable to continue and build upon the significant work that has already been done in Al Rayan.”
Rajiv Nakani, the head of alternative asset management at Global Invadded, “W“we are extremely delighted to have completed this exit and provided our investors with the liquidity particularly sought after in this economic environment.
“Our investment in Al Rayan was not only a financial investment but also a social investment where we have placed the foundations for excellent educational entities in Kuwait and we intend to capitalize on our team’s experience in this sector to roll out products targeting opportunities in social infrastructure.”
With the exit from Al Rayan, the private equity team at Global has completed 16 full and partial exits since 2010, making it one of the most active private equity houses in an extremely challenging time for the industry.
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